Canberra: – The Australian Parliament passed the law to keep a tab on the monopoly of Google and Facebook. Australia becomes the first country to pass legislation of this nature against the leading countries in the information technology sector. As per this law named ‘New Media Bargaining code’, Google and Facebook will have to pay remuneration to the concerned dailies and media houses for the news published on their platforms.
It has been revealed in the last few years that the newspaper industry has taken a major hit due to the news being published on Facebook and Google. It has also been revealed that the newspapers publishing their internet editions, also are not deriving major revenues from the advertisements and sponsorships. It has been observed that Google and Facebook have a massive share of 75% in Australia’s total advertising revenue alone. But these companies were not willing to share these revenues with the media companies and newspapers.
In view of the new Australian law, Google and Facebook will require to sign agreements with the newspapers and media companies. An independent agency also has been established to address any disputes arising regarding the agreements. Australian sources informed that this would ensure that companies like Google and Facebook will not exert pressure, unilaterally, on the newspapers.